Business

Hwange continues to burn 23 December 2018 HARARE - The revival of Hwange Colliery Company Limited (HCCL), Zimbabwe’s largest coal producer, seems to be taking longer than anticipated. The company, which has recorded annual losses in the past few years, has seen successive boards coming up with revival strategies, but not even one has ...
Drummond sues AfrAsia in land row 23 December 2018 HARARE - Drummond Zimbabwe Holdings has instituted legal action against AfrAsia Bank after a row erupted over a piece of land. The Mauritian lender AfrAsia closed its Zimbabwe unit in February 2015 after facing cash flow problems and failing to find new shareholders to inject fresh capital in ...
Court slams ZPC in far-reaching judgment 23 December 2018 HARARE - The High Court has described as “false” the Zimbabwe Power Company (ZPC)'s insistence that it was not behind Wicknell Chivayo and Intratrek Zimbabwe (Intratrek)'s criminal charges, in a judgment with far-reaching consequences for some companies with disputes against other parastatals. ...
Rising inflation dampens festive season mood 23 December 2018 HARARE - Zimbabweans have been through a tough year thanks to bad politics and rising inflation, which rose from 3,5 percent in January to an alarming 31,01 percent in November.  The rising inflation, which has seen prices shoot beyond the reach of many Zimbabweans, has compounded the situatio...
Property prices anticipated to remain high 20 December 2018 HARARE - Prices in the property sector are anticipated to remain high going into 2019 compared to regional peers, on the back of inflationary pressures, a local research firm has said. Old Mutual Securities (Omsec) said going into the New Year, the property sector was set to see higher prices ...
SeedCo invests in research 20 December 2018 HARARE - SeedCo has invested immensely towards research to ensure optimum yields in its commitment to support economic growth and poverty reduction through agricultural development. Denias Zaranyika, the group's managing director, said at a media luncheon this week that farmers should treat fa...
Zas partners ZCDC to boost national herd 20 December 2018 HARARE - President Emmerson Mnangagwa is expected to officially launch an artificial insemination project in Manicaland on Thursday, aimed at improving indigenous cattle genetics, which should improve rural incomes ultimately leading to better livelihoods. The programme, which is being spearhe...
Funeral industry gets training institute 20 December 2018 HARARE - The Institute of Funeral Business Management (IFBM) — a training and research institute focussing on skills and information development for the funeral industry has been launched. This comes as demand for skilled undertakers, morticians, embalmers and the industry’s supporting staff w...
Cassava lists on ZSE 20 December 2018 HARARE - Cassava SmarTech (Cassava) made history yesterday when it became the first fully integrated financial technology company to list on the Zimbabwe Stock Exchange. Jesimeni Chipika, the Reserve Bank of Zimbabwe (RBZ) deputy governor who was guest of honour at the ceremony, said the listi...
Boost for Mthuli Ncube's new sovereign wealth fund 19 December 2018 HARARE - Finance and Economic Development minister Mthuli Ncube has proposed setting up a sovereign wealth fund (SWF) to help boost economic growth, but the plan is being hampered by a critical funding shortfall, with a private investor offering to bankroll the initiative. President Emmerson M...
Zim inflation rises to 31pc 19 December 2018 HARARE - Zimbabwe's year on year inflation rate for the month of November stood at 31,01 percent, gaining 10,16 percentage points on the October rate of 20,85 percent following a surge in prices of goods and services, the Zimbabwe National Statistical Agency (Zimstat) said yesterday. This was ...
Zimnat launches automated licensing machine 19 December 2018 HARARE - Zimnat yesterday launched an Automated Licensing Machine through its motor insurance sub brand GeneInsure. This was after the insurance group launched GeneInsure last month, which “targets all motor insurance consumers regardless of their income level”, in a bid to appeal to the mass ...
'Zim govt incurs credibility deficit' 16 December 2018 HARARE - Government is running under a serious credibility deficit, as the long-suffering Zimbabweans continue to lose hope in its economic policies, analysts have observed. The four months preceding the July 30 elections have been a perdition to Zimbabweans after the August 1 army killings of...
'Allow some service stations to sell fuel in US dollars' 16 December 2018 HARARE - The Daily News on Sunday's Nokuthaba Nkomo sits down for a wide-ranging interview with businessman, pastor and political commentator Shingi Munyeza.  Find below excerpts of the interview. Q: You have called on government to sell fuel in United States dollars (USDs). Why do you thin...
Chitando invites De Beers, Vast Resources to explore diamonds 15 December 2018 HARARE - De Beers and Vast Resources will be allowed to explore for diamonds in Zimbabwe, which would make them the first listed companies to mine there in that sector for two years, Mining minister Winston Chitando said. A spokesman for De Beers, an Anglo American unit, said in an email it wa...
Funeral assurers should embrace technology: Ipec 15 December 2018 HARARE - The Insurance and Pensions Commission (Ipec) has urged funeral assurers to take advantage of new technologies to increase business. In a statement accompanying its funeral assurers report for the half year ended June 2018, the regulator said funeral assurers should take advantage of m...
'Informal sector, source of tax revenue' 14 December 2018 HARARE - Former banker and immediate past chairperson of the Zimbabwe Investment Authority, Nigel Chanakira said the country's economy had largely gone informal and thus represents a potentially significant source of tax revenue for the cash-strapped government. Speaking at the Financial and E...
Green Fuel 'annexes' 500h of cotton, maize fields 13 December 2018 HARARE - The High Court in Mutare will today hear a case in which Chisumbanje villagers have dragged Green Fuel to court over about 500 hectares of cotton and maize fields the ethanol producer has allegedly arbitrarily annexed for its sugarcane fields expansion.  Passmore Nyakureba of the Zimb...
Command Agriculture boosts SeedCo 13 December 2018 HARARE - The early purchase of seed by government for its Command Agriculture programme has boosted SeedCo's financial performance for the six months ended September 30, 2018, a local equities group has said. IH Securities (IH)'s commentary come as interest earned on Treasury Bills (TBs) held ...
Barcelos rolls into Harare 13 December 2018 HARARE - South African fast-food brand, Barcelos Flame Grilled Chicken has spread its wings to Harare with the opening of franchise outlets in the city. Founded in Pretoria, South Africa in 1993, Barcelos is popular for its flame grilled Portuguese recipe flavours. The restaurant entered th...
Zim reaps benefits of infrastructure sharing 13 December 2018 HARARE - Government says it has begun to reap fruits of infrastructure sharing among the country's three major mobile network operators, with studies indicating increased costs reduction. This comes at a time government, through the Postal and Telecommunications Regulatory Authority of Zimbabw...
SecZim amends Securities Act 13 December 2018 HARARE - The Securities and Exchange Commission of Zimbabwe (SecZim) is seeking admission into the International Commission of Securities Commissions (IOSCO) an executive has said. SecZim chief executive officer Tafadzwa Chinamo told a stakeholder meeting that over the years, the commission ha...
Storm at ZSE: Daggers drawn out over Econet transaction 12 December 2018 HARARE - A storm is brewing over claims by some stockbrokers of alleged interference in the independence of the Zimbabwe Stock Exchange (ZSE) by one of the country's leading asset managers. Highly-placed sources told the Daily News yesterday that some stockbrokers were contemplating lodging a ...
Larfage empowers 100 disadvantaged girls 12 December 2018 HARARE - One hundred girls from Harare's Mabvuku and Tafara graduated at Manresa Club last Friday after undergoing vocational training under Larfage Cement Zimbabwe's corporate social responsibility programme called Simuka Upenye Empowerment Programme. The girls were trained in brick and block...
Mash Holdings posts $3m profit 11 December 2018 HARARE - Mashonaland Holdings (MSH) says it reported a $3,08 million profit for the year ended September 30, 2018. This represented a 19 percent increase from a profit of $2,56 million achieved by the listed property company in the prior comparable period. Supporting the company's performan...
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